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Saturday, February 2, 2013

Videos worth watching

Like the "Library" link, this post will be updated regularly with links to videos I find especially useful. This page won't feature stupid interviews of pundits - the videos posted here will only feature people who actually know what they're talking about, and will be educational or informativeabout mining.

I won't put up the actual video on this page. You'll have to follow the link - otherwise it'll take forever to load this page.

Some links are to YouTube videos that might get pulled down by their authors, so if you see a broken link, please tell me in the comments section!

2 comments:

Interestingly, Pierre Lasonde criticizes miners for not doing anything innovative like directional drilling (which is wrong- I did directional drilling at Hemlo for gold in 1986), but Cookie criticizes an un-named company for drilling a really deep hole (which used directional drilling). Fact is, the oil industry has always been super profitable, and mining rarely profitable, so harder to go for the expensive R&D. Also, oil targets for horizontal drilling usually have a 90% probability of paying for themselves in a year, while a wildcat mining drillhole might have a 2% probablility of hitting something great. Oil is hosted in layer cake geology (good for 3D seismic), while gold deposits are hosted in the most buggered up rocks imaginable. Not fair to compare... Made me thing that Lassonde doesn't really know much about mining except for how to profit from it. Cheers, B

I think Lassonde's point is that mining and exploration haven't innovated in the last 50 years, and so no wonder they can't make money.

Glenn Ives and Deloitte have more criticism to add to Lassonde's: Deloitte identifies all sorts of modern technologies and systems that (they assert) shave off significant cash costs, which many miners are utterly ignoring.

As for Cookie, as far as I remember his problem with that nutty long hole is that it identified an orebody half the width of a sidewalk and several km long - it can't be mined at a profit.

And you gotta admit, Lassonde certainly is doing better at making money off gold than most of the miners. So who's smarter?